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Financial results of JSC "VTB-Leasing" for the 1 half of the year 2007

1 October 2007

Moscow, September 28 of 2007 - today JSC "VTB-Leasing", leading leasing Company in Russia, declares results of the activity for the 1-st half of the year 2007 in accordance with International Financial Reporting Standards (IFRS). 

On results of the first half of the year 2007, the revenue of JSC "VTB-Leasing" in accordance with IFRS amounted to 65,7 MIO USA Dollars (as of 01.01.2007 - 61,2 MIO USA Dollars). The capital in accordance with IFRS on results of the first half of the year 2007 amounted to 83,7 MIO USA Dollars (as of 01.01.2007 - 61,6 MIO USA Dollars). The net profit as of 01.07.2007 amounted to 20,7 MIO USA Dollars (for the whole year 2006 - 31,9 MIO USA Dollars). The assets of the Company for the first half of the year amounted to 1,65 MIO USA Dollars (as of 01.01.2007 - 0,78 USA Dollars).

The leasing portfolio of JSC "VTB-Leasing" (sum of liabilities of the clients under leasing agreements less already paid leasing payments) as of the first half of the year 2007 amounted to 2,4 bln. USA Dollars - with increase in comparison with the beginning of the year in 94,4%.
The sum of liabilities under transactions concluded in the first half of the year 2007 amounted to 1,4 bln USA Dollars - with exceeding of the sum of liabilities for the whole 2006 in 18,8%.

In accordance with the accounting prepared by JSC "VTB-Leasing" under the standards of IFRS for the first half of the year 2007, for the stated period the main financial indices have increased:

  • Total assets have increased in 111,5%;
  • Investments into leasing have increased in 61,2%;
  • Volume of bank borrowing (credits and bills) has increased in 126,6%;
  • Received down payments of the lessees have increased in 74,6%;
  • Own capital has increased in 35,9%.

Within the Program on regional development of JSC "VTB-Leasing" being implemented in the first half of the year 2007, JSC "VTB-Leasing" has established regional subdivisions in Khabarovsk, Novosibirsk, Nizhny Novgorod (earlier in 2006 have been established representative offices in Saint-Petersburg and Tyumen). In the first half of the year 2007 was increased the share of the transactions with the enterprises situated in the regions of the Russian Federation. The regional portfolio of the leasing transactions have increased for stated period in 102, 7 MIO USA Dollars.

In the first half year of 2007 is dynamically developing the business of the subsidiary of JSC "VTB-Leasing" in Ukraine. The total volume of transactions of PC "VTB-Leasing" (Ukraine) for stated period amounted to 626,7 MIO USA Dollars.

JSC "VTB-Leasing" has been assigned by the company Standard&Poors in May of 2007 to international credit ratings:

  • Rating of counterparty (under international standard) - ВВВ+/А-2;
  • Rating of counterparty (under national scale) -  ruAAA;
  • Forecast: Stable.

"We have shown in the first half of the year of 2007 high results evidencing strengthening of out competitive positions: growth of the leasing portfolio, extension of business including business in new branches, active development of the regional chain, field business diversification, rendering of worldwide services at the markets of Russia, CIS and Europe" - declared the General Manager of JSC "VTB-Leasing" Anton Borisyevich.

On results of the first half year of 2007, JSC "VTB-Leasing" takes the leading positions among Russian leasing companies.

Intermediate condensed consolidated balance sheet (in thous. USA Dollars)

June 30 of 2007 (non-audited) December 31, 2006
Money resources and their equivalents 407 971 48 132
Trading securities 227 1 847
Funds in credit institutions - 42
Net investments into leasing 747 804 463 760
Equipment to be leased 122 644 114 269

Down payments made to the
suppliers of the equipment to be leased

251 733 68 319
Input VAT 109 355 78 358
Other assets 9 852 3 649
Total, assets 1 649 586 778 376
Funds of credit institutions 1 304 683 294 548
Issued debt securities 156 201 350 141
Down payments received from the lessees 80 391 49 565
Current liabilities on income tax - 1 561
Deferred liabilities on income tax 15 532 7 574
Other liabilities 9 110 13 418
Total, liabilities 1 565 917 716 807
Authorized capital 20 014 20 014
Added capital 15 259 2 503
Retained earnings 42 026 34 102
Effect from recount into reporting currency 6 370 4 950
Total, capital 83 669 61 569
Total, capital and liabilities 1 649 586 778 376


Intermediate condensed consolidated profit-and-loss statement for six months (in thousand of USA Dollars)

For six months as of June 30 of 2007 (non-audited)

Interest income
Financial leasing 64 052
Money resources and their equivalents 1 575
Trade securities 117
Interest cost
Funds of credit institutions (21 316)
Issued debt securities (3 696)
  (25 012)
Net interest income 40 732
Deterioration of interest assets 873
Net interest income after deterioration of interest assets 39 859
Commission expenses (106)
Income less losses arising from trading securities 128
Income less losses arising from foreign currency transactions:
- trading transactions (629)
- revaluation of foreign currency items 239
Other incomes 364
Other non-interest income 102
Salary and other employee benefits (1 389)
Other operational costs (10 044)
Other non-interest losses (11 433)
Income before income tax expense 28 422
Income tax expense (7 742)
Income for the period 20 680

JSC "VTB-Leasing' is a leading Russian leasing company offering a wide range of leasing services and operating both at the territory of Russia and abroad. As of June 30 of 2007, the Company has regional subdivisions in Saint-Petersburg, Novosibirsk, Khabarovsk, Nizhny Novgorod, Krasnodar, Krasnoyarsk, Ekaterinburg and subsidiaries in Ukraine and Cyprus. JSC "VTB-Leasing" is working since 2002 at the Russian market. Total headcount of the personnel of JSC "VTB-Leasing" is 52 employees including the employees of the regional subdivisions and subsidiaries. The company carries out the leasing transactions by showing maximal efficiency while implementation of large and mean projects required high qualification by structuring of transactions where the definitive factors are cost of involved resources and terms of financing. The sole shareholder of the Company is JSC Bank VTB. For further details please visit web-site of VTB-Leasing:

Some information containing in this press release may contain forecasts or statements in regard to future events or future financial indices of JSC "VTB-Leasing". Such statements are based on numerous assumptions referring current and future plans on keeping by the Group its economic activity and conditions under which it will operate in future. We notice you that these statements are not guarantees of achievement of certain results in future and are connected with risks, uncertainty and assumptions which can not be predicted with full definiteness. Accordingly, our actual results and results of activity may significantly be different from assumptions or forecasts expressed in such statements in regard to up-coming events. These statements are made on date of the press release and can be amended without notice. We are not intended to renew these statements to bring them into compliance with actual results. 


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